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As far as I'm aware, CIMB is a Malaysian bank operating in Thailand, now my question is how credible and reliable is this bank.

I'm considering opening a 12 month senior fixed account with them, but I notice that in contrary to other Thai banks, they have increased the interest a few times already.

 

If you opened this account in January, you would receive 1.7%, between February and September you would get 1.8%, and this month they pay 1.9%.

 

Should this be a red flag?

 

No need for comments that you get higher interests offshore or in other countries please.

 

image.png.12d520da328d23d7b44592d8e7e99d19.png

 

Edited by CallumWK
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58 minutes ago, offset said:

Also check other banks some of same interest 

 

I'm aware of that, but since deposit guarantee is only 1 million baht per bank now, I try to spread my savings over as many banks as possible.

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CIMB Thai is a Thai bank whose shares are majority owned by the parent Malay bank. It's a solid bank but they offer products that they will only make available to Thai people. regardless of how much money you have on deposits with them. That was why I moved from CIMB to UOB.

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3 hours ago, CallumWK said:
4 hours ago, Liverpool Lou said:
Trust rating Fitch: AA-(tha

 

Is that for CIMB Thai?

Seems a good rating as think most Thai banks are only BB.

Yes.  BBL's long-term rating is AA+, as is Kasikorn's but I'm sure you could look up the rest yourself.

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CIMB gives a bit more interest because otherwise there wouldn't be any reason to use them.

But as chiang mai said,  they don't let a foreigner open a fixed deposit.

If your branch allows it, I would not hesitate to do it.

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5 minutes ago, Lorry said:

CIMB gives a bit more interest because otherwise there wouldn't be any reason to use them.

 

This I fail to understand. CIMB is a bank like all others in Thailand, so why would nobody use them if they didn't pay more interest?

6 minutes ago, Lorry said:

But as chiang mai said,  they don't let a foreigner open a fixed deposit.

 

Some accounts are Thai nationality only, same as many higher interest accounts at all Thai banks.

I have learned that all Thai bank managers make up their own rules, so now I only talk with the head offices only about the conditions, then ask them to inform the branch I intend to visit.

CIMB has a 12 month fixed senior account, as per the OP, that needs Thai identification, not Thai nationality.

They have a 7 month fixed 2% account that foreigners can open.

 

image.png.9ab42fb23d2d9749f275554cd2e796c9.png

image.png.d6b826ace1cc086e8856522d4a01b09f.png

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7 hours ago, chiang mai said:

CIMB Thai is a Thai bank whose shares are majority owned by the parent Malay bank. It's a solid bank but they offer products that they will only make available to Thai people. regardless of how much money you have on deposits with them. That was why I moved from CIMB to UOB.

 

It is the same with UOB and about every other Thai bank. Thai banks discriminate a lot, especially in the higher interest paying accounts, which they make available to Thai nationals only.

 

image.png.ca7220b3460557af22406d8d063296b3.png

Edited by CallumWK
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1 hour ago, CallumWK said:

 

This I fail to understand. CIMB is a bank like all others in Thailand, so why would nobody use them if they didn't pay more interest?

First of all, most Thais don't know them. 

Few branches. 

No ATM network.

Employer will not send your salary there,  for sure. 

Easier and more convenient to stick to the well-known, ubiquitous names.

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